MIDDLE EAST AND NORTH AFRICA
* Fitch Ratings downgraded Bahrain's long-term issuer default ratings to BB- from BB+, reflecting the government's lack of a clear medium-term strategy to tackle high deficits, among others. The outlook is stable.
* Bank of New York Mellon Corp. plans to open an office in Riyadh as early as the second quarter and apply for an asset services license from Saudi Arabia's Capital Market Authority, insiders told Reuters.
* Samba Financial Group's board recommended the distribution of 0.75 Saudi Arabian halalas net of zakat in dividends per share for the second half of 2017.
* Arabian Shield Cooperative Insurance Co. received the Saudi Arabian Monetary Authority's approval to increase its capital to 300 million Saudi Arabian riyals from 200 million riyals through the issue of 1 bonus share for every 2 shares held.
* Fitch said Saudi Arabia's recently approved new bankruptcy law may be a key step in the development of a bank resolution framework for failed banks.
* A.M. Best affirmed the B++ (Good) financial strength rating and the "bbb" long-term issuer credit rating of Emirates Retakaful Ltd., and removed the ratings from under review with negative implications. A.M. Best withdrew the ratings, which were assigned a negative outlook, at the company's request.
* Arabian Scandinavian Insurance Co. (Plc)'s board recommended the distribution of a 3% cash dividend for 2017.
* Commercial Bank PSQC agreed to extend to April 2 the exclusivity period granted to private equity firm Tabarak Investment in respect of the potential purchase of the Qatari lender's stake in United Arab Emirates-based United Arab Bank PJSC.
* National Finance Co. SAOG closed its rights issue at the subscribed amount of approximately 27.6 million Omani rials, representing 99.96% of the capital raise's issue value.
* Bank Muscat SAOG tapped several banks to arrange a five-year dollar-denominated benchmark bond issue, Reuters reported.
* Financial brokers in Kuwait will be required to deposit 1 million Kuwaiti dinars as guarantee deposit under new regulations, Al Jarida reported. The move may lead many companies to exit the market or merge with other companies.
* Al Mal Investment Co. KPSC appointed Abdulwahab Abdulrahman al-Mutawa as acting CEO.
* Israel-based, London-listed Plus500 Ltd. said its founders intend to sell at least approximately 7.27 million existing ordinary shares or a 6% stake in the online trading platform provider at a price of £11.00 per share, raising gross proceeds of at least £80 million.
* Egypt-based African Export-Import Bank intends to sell up to $1 billion worth of shares over the next five years, according to Reuters.
* Egyptian Gulf Bank SAE expects a capital increase by 6.6% through the issuance of 6.6 bonus shares for every 100 shares, Reuters reported.
* RA MENA Holdings increased its stake in Egyptian investment bank EFG-Hermes Holding SAE to 8.1% from 2.63% by acquiring 20.89 million shares for a total value of 459.7 million Egyptian pounds, Reuters reported.
* Libyan Investment Authority CEO Ali Shamekh resigned from his post at the sovereign wealth fund, according to Reuters.
EAST AND WEST AFRICA
* Union Bank of Nigeria Plc is planning a eurobond sale to bolster lending and is working with Citigroup and Renaissance Capital on the issuance, insiders told Reuters. FCMB Group Plc and Diamond Bank Plc could also follow with their own eurobond issues.
CENTRAL AND SOUTHERN AFRICA
* Barclays Africa Group Ltd. reported full-year 2017 profit attributable to ordinary equity holders of 13.82 billion South African rand, compared to 14.71 billion rand a year ago, and announced its intention to change its name to Absa Group Ltd. as part of a separation arrangement with British banking group Barclays Plc. CEO Maria Ramos said the South African bank intends to enter Nigeria, according to Reuters.
* The South African High Court in Pretoria will decide March 12 on whether to bar India-based Bank of Baroda from closing its South African operations, South Africa's Business Day wrote. Bank of Baroda plans to cease operating as a bank in South Africa beginning March 31, but several companies linked to the politically connected Gupta family are pursuing legal action to force the lender to stay. Nedbank Group Ltd., which provides banking facilities to Bank of Baroda, had informed the Indian lender at the end of January that it intends to sever ties within three months.
* The Banco Nacional de Angola decided to maintain its benchmark interest rate at 18%.
* Sonangol Chairman Carlos Saturnino said the Angolan oil firm could potentially sell stakes in Banco Angolano de Investimentos SA, in which it holds an 8.5% stake, and four other local banks as part of efforts to reduce debt and improve revenue, Bloomberg News reported.
* The Angolan Finance Ministry said a bond coupon payment for a 2019-dated eurobond was paid ahead of time but was transferred to the wrong account last month, Reuters wrote. The ministry noted that the matter is in the process of being corrected.
* Netherlands-based investment company Arise BV signed a memorandum of understanding with Kuhanha, the company that manages the Mozambican central bank's pension fund, to purchase a minority stake in Moza Banco SA, Macauhub reported.
IN OTHER PARTS OF THE WORLD
Asia-Pacific: Indian state banks to consolidate overseas ops; CBA unit float moves forward
Europe: Commerzbank gets final offers for unit; AIB, Dexia post FY'17 results
Latin America: Credicorp appoints CFO; Banco Agropecuario restructuring; BTG eyes loan growth
North America: Wells allegedly mishandled fraud probes; BofA fires 2 in sexual misconduct probe
North America Insurance: AmTrust agrees to sale; NJ insurer reports $550M tax benefit
Leo Magno, Henni Abdelghani, Sophie Davies and Mariana Aldano contributed to this report.
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